HomeBRAZILBUSINESSMEN, AND BUSINESS ENTITIES FEAR IMPLICATIONS OF ATTACKS IN THE CAPITAL

BUSINESSMEN, AND BUSINESS ENTITIES FEAR IMPLICATIONS OF ATTACKS IN THE CAPITAL

Just after the events from 8 January, businessmen, market analysts and business entities condemned the acts of vandalism perpetrated in Brasília. They have also expressed their concern with the coup acts promoted in Brasilia. They claim that the action could have strong implications for the economy and raise the country’s institutional risk.

Flight of Foreign Capital

Investment analysts said that the acts from 8 January give a new dimension to the ongoing political tension in the country and tend to scare away foreign capital. The result should already appear in the indicators of the Stock Exchange.

Important Business Institutions Condemn the Attacks

The Brazilian Federation of Banks (Febraban) said in a note that it “vehemently repudiates attacks on national public property and violence against institutions that represent the democratic rule of law”.

The National Confederation of Industry (CNI) stated that “the will of the majority of the Brazilian people must be respected. Such violent acts are anti-democratic and illegitimate manifestations that attack the three Powers“.

A note from the Federation of Industries of the State of São Paulo (Fiesp) said that “society’s repudiation response has to be forceful, supporting the most severe application of the terms of the law to the aggressors of democracy and civilization. All, without exception, who took part in this absurd sedition must be punished”.

Even Allies Condemned the Attacks

The owner of Havan – a big national retailer –, Luciano Hang, one of Bolsonaro’s biggest supporters in the business community, said in a note that “demonstrations are legitimate when they occur peacefully. It is regrettable to see public assets being plundered in this way.”

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